Since the euro is one of the main Forex instruments, it is crucial to know to what extent this estimable currency is influential.

At present, the euro is an official currency for the majority of EU nations. 7 countries out of 27 are even planning to replace their national currency with the euro in 2014-2015. Denmark, Sweden and Great Britain do not seem to be willing to join the euro area so far. There can be various reasons for it, but they are mostly psychological rather than economic.

The euro reaches out far beyond the Eurozone borders. Vatican, Monaco and San Marino concluded formal agreements with the EU to adopt the euro as an official currency. The euro also serves as an official currency in Andorra, Montenegro, the Republic of Kosovo and two British-administered areas on Cyprus, even though they adopted the single European currency unilaterally.

What is more, the euro is used in some countries of Africa and Pacific Island countries.

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Vanessa Fernandez

There could be a possibility that it will increase.
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